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Time of India
30-05-2025
- Business
- Time of India
'Fastest-growing economy for 4th year'
Finance minister Nirmala Sitharaman NEW DELHI: Finance minister Nirmala Sitharaman on Friday said India is sustaining its GDP growth momentum as the fastest-growing economy for the fourth year in a row, aided by manufacturing, services, and farm sectors. "India is sustaining growth and it is the fastest-growing economy now for the fourth year continuously, thanks to the work of small, medium, and large industries; industries which are coming in and making sure our manufacturing capacity, our service capacity are all intact. Agriculture has also sustained us even during Covid and subsequently," Sitharaman said at the Lakshmipat Singhania-IIM Lucknow National Leadership Award. She drew comfort from the industrial growth numbers, pointing out that there were fears that inadequate investment in capacity addition would impact the economy. "I'm glad, India's industry and the manufacturing activity have all been good during the fourth quarter," FM said after data was released. Earlier, chief economic adviser V Anantha Nageswaran said the provisional estimates for FY25 were in line with the expectation of 6.5% growth, and India fared much better than contemporary economies at a time when expansion was difficult. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Egypt: New Small Electric Car For Seniors. Prices Might Surprise You. Electric Cars | Search Ads Undo "India's growth is holding up in a growth-scarce environment," he said. For the current financial year, govt has retained its outlook at 6.3-6.8%, with private consumption, especially the rural rebound, and resilient services exports as the key drivers, he said. "Food inflation remains benign due to good rabi harvest, higher summer sowing, healthy procurement, and above-normal monsoon. Exports remain robust, forex reserves provide 11 months of import cover. Declining crude oil prices will potentially lower import bills, create fiscal space, and alleviate external economic pressures," he said in a presentation. Sitharaman said govt is constantly working to remove regulatory difficulties and bring soft-touch regulation, which will allow people to do business without suspicion. "We are at that part of India's history where it just requires all of us to have confidence in our country's abilities and belief that we can definitely deliver that goal... how long more are we going to say we are a developing country. When our own people are going all over the world and working at leadership levels in various sectors. It's time for all of us to get out of the suspicion that we have in our minds, will India be able to do, will India be able to reach? Yes, we can," the minister said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
30-05-2025
- Business
- Business Standard
India fastest growing economy for fourth consecutive year: FM Sitharaman
India has remained the fastest-growing major economy for the fourth straight year, driven by strong manufacturing, services, and farm sector growth, the finance minister said Manikant Mishra New Delhi Finance Minister Nirmala Sitharaman on Friday said India is sustaining its GDP growth momentum as the fastest-growing economy for the fourth year in a row, aided by manufacturing by small, medium and large industries, services and the farm sector. Speaking at the Lakshmipat Singhania-IIM Lucknow National Leadership Award ceremony in Lucknow, the finance minister said that during the January–March quarter, questions were being raised about the lack of investment from industry as well as capacity building, and their impact on the economy. "There were concerns earlier that industries were not investing enough and that capacities were not growing. But I'm glad to see that India's manufacturing activity has performed well in the fourth quarter, with Q4 GDP growth at 7.4 per cent. For the full financial year 2024–25, the GDP growth has been recorded at 6.5 per cent," she said. Sitharaman credited India's sustained economic momentum to the resilience of its small, medium and large industries. The manufacturing and services sectors, along with consistent support from agriculture even during the Covid years, have collectively enabled this robust growth trajectory, she noted. "India is sustaining this growth as the fastest-growing economy now for the fourth year continuously without a break, thanks to the work of small and medium, large industries, which are coming in and making sure our manufacturing capacity, our service capacity are all intact. Agriculture has also sustained us even during the Covid and subsequently," Sitharaman said. During the fourth quarter of FY25, manufacturing output grew at 4.8 per cent, while services and farm sector growth was 5.4 per cent each. The finance minister noted that India had reached a crucial stage in its development where confidence in the nation's own capabilities was essential. She said the global community was no longer viewing India merely as a large middle-class market, but was increasingly recognising the country's growing role in innovation and global leadership. Highlighting India's digital public infrastructure, she said that the country had received international praise, having been effectively scaled to meet the needs of the country's large population. According to her, people around the world had acknowledged how swiftly Indian citizens, including those in remote areas, were embracing technology. She also credited Prime Minister Narendra Modi's efforts on boosting the economy through his corruption-free India vision. "The Prime Minister is clear — India must be clean and free from corruption," she said.
